Prices Double for Prized Chocolate Ingredient After Frost in Turkey

Known for their sweet, distinctive flavor and crunchiness, hazelnuts are widely used in high-end chocolate items from pralines to truffles and in Ferrero SpA’s popular Nutella spread. But this year, the $3 billion industry is in turmoil after an unexpected frost in Turkey, supplier of more than 70% of the world’s hazelnuts, damaged flowers and cut production 28% to 480,000 metric tons.